The problem everyone seems to miss is that SF is one of the few places that had a recession due to COVID (not necessarily a GDP recessions, but definitely a weak businesses closed en masse recession) and a lot of other places (illogically) boomed during COVID.

Given recent history (Phoenix MSA’s 2011 GDP was lower than 2007 GDP, whereas SF never went below 2007 levels), it’s not unreasonable to think that other cities are simply in artificial bubbles from the $3tn that was given to consumers over the past 3 years.